The love of money may be the root of all evil according to the Bible, but that hasn't stopped bookmakers from offering odds on who will emerge from the white smoke as the next pope.

At odds as low as 2-1, Cardinal Angelo Scola, the archbishop of Milan, is the bookmakers' favorite to succeed Benedict XVI, who Thursday becomes the first pope to step down for almost 600 years.

Those betting an African will take the Catholic Church's top job for the first time will be happy to hear Ghana's Cardinal Peter Turkson is running a close second at 5-2, while Cardinal Tarcisio Bertone, the Vatican Secretary of State, is currently running third with odds of 3-1.

MORE: Conclave to elect new pope starts Tuesday

Claire Davies, a spokeswoman at Irish bookmaker Paddy Power, said more than £300,000 ($450,000) in bets on the next pope have been placed since Benedict's resignation -- and that's before the papal conclave to choose the next church head has even started.

"It's our biggest non-sporting event of the year," Davies told CNN, "and we expect the betting to really pick up as we head towards the conclave."

Benedict's final papal audience 17 photos

Benedict's final papal audience17 photos

Benedict XVI's final papal audience – The faithful fill St. Peter's Square as Pope Benedict XVI attends his last public audience on Wednesday, February 27, in Vatican City. Benedict's decision to resign earlier this month caught a lot of Vatican watchers, apparently even some in his inner circle, off-guard.

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Benedict's final papal audience17 photos

Benedict's final papal audience – The pope delivers his blessing. Benedict recounted how when he was asked to be pope eight years ago, he had prayed for God's guidance and had felt his presence "every day" since.

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Benedict's final papal audience17 photos

Benedict XVI's final papal audience – Benedict takes his seat on the dias in St. Peter's Square. In an unusually personal message, he said there had been "many days of sunshine" but also "times when the water was rough ... and the Lord seemed to sleep."

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Benedict XVI's final papal audience – Cardinals listen to the pope.

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Benedict's final papal audience17 photos

Benedict XVI's final papal audience – The pope waves to the crowd.

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Benedict XVI's final papal audience – A pilgrim prays as he attends Benedict's final general audience address.

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Benedict XVI's final papal audience – Nuns attend the address.

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Benedict's final papal audience17 photos

Benedict XVI's final papal audience – Archbishops and cardinals sit in St. Peter's Square. The pope used his last general audience to call for a renewal of faith and speak of his own spiritual journey through eight years as leader of the world's 1.2 billion Catholics.

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Benedict XVI's final papal audience – Benedict waves from to the crowd as he arrives at St. Peter's Square.

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Benedict XVI's final papal audience – The pope kisses a child as he arrives.

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Benedict's final papal audience17 photos

Benedict XVI's final papal audience – Benedict waves to the faithful. "Loving the church also means having the courage to make tough choices," he said, as he called on the faithful to pray for him and the new pope.

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Benedict XVI's final papal audience – Benedict waves to the crowd as he arrives in the popemobile.

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Benedict XVI's final papal audience – Benedict leaves the altar at the end of his last weekly audience.

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Benedict XVI's final papal audience – A priest runs to get into St. Peter's Square ahead of pope's last public audience address.

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Benedict XVI's final papal audience – Two nuns leave Vatican City after the pope's address. Among the crowds were groups of pilgrims who had traveled to Rome for the special occasion, as well as locals and curious visitors keen to share in the moment.

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Benedict XVI's final papal audience – A cardinal arrives in St. Peter's Square. Benedict will leave office at 8 p.m. local time Thursday.

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Benedict XVI's final papal audience – A Swiss guard stands in front of the Vatican.

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Canadian Cardinal Marc Ouellet and Brazilian Cardinal Odilo Scherer round out Paddy Power's top five -- and though betting on the next pope is illegal in the U.S., the Irish bookmaker is offering 20-1 odds on Cardinal Timothy Dolan, America's top Catholic.

But Vatican insiders aren't the only prospective pontiffs punters can wager on in the hopes that a puff of white smoke will finally put their bank accounts into the black.

Davies says nine more bets have been placed on Father Dougal Maguire -- the dimwitted fictional priest from Irish television sitcom "Father Ted" and a 10,000-1 underdog -- than for Claudio Hummes, a Brazilian cardinal who also has the added benefit of being a real person.

Paddy Power says it has also drawn 20 bets at 1,000-1 that U2 singer Bono will be the next pope, and another five on Richard Dawkins, the famously outspoken atheist and scientist, at an ominous 666-1. One British bookmaker is even offering 10,000-1 odds that disgraced American cyclist Lance Armstrong will be chosen to head up the church.

But the bookies' odds aren't necessarily the best indicator of who the next pope will be, and a phrase repeated by Cardinal Javier Barragan of Mexico is worth remembering: "He who enters the conclave as a possible pope comes out a cardinal."

According to Davies, Pope Benedict was 20-1 after his predecessor's death in 2005 before rising to 6-1 at the start of the conclave -- "up with the favorites, but not a nailed-on certainty."

While the next pope will almost certainly be chosen from among the cardinals set to attend the conclave at the Vatican within the next few weeks, technically any practicing Catholic can be elected to lead the church.

So if you're feeling lucky, there's already one former leader living in Italy who has spare time on his hands. Three-time ex-premier Silvio Berlusconi may be an underdog -- but at 2,500-1, at least there's a chance.